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Home / Metal News / Zijin Mining Net Profit Shoots up in First Half on Well-behaved Metals

Zijin Mining Net Profit Shoots up in First Half on Well-behaved Metals

Jul 21, 2017 11:53

Source:SMM

Zijin Mining Co.’s net profit belonging to listed shareholders jumped 179% on a yearly basis to 1.5 billion yuan in the first half of 2017, according to its earnings reported.

SHANGHAI, Jul. 21 (SMM) - Zijin Mining Co.’s net profit belonging to listed shareholders jumped 179% on a yearly basis to 1.5 billion yuan in the first half of 2017, according to its earnings reported.

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The company, engaging mainly in exploration, mining, production and smelting of gold and other mineral resources, capitalized on higher metals prices. And its copper and zinc sales increased year-on-year. Moreover, its non-recurring profit also posted big gains.

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Zijin Mining Co.

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On the one hand, Teck Resources has signed an annual zinc concentrate contract with a 45% increase in TCs to $230/dmt. An escalation clause was included: if the prices of zinc exceed $3,800/mt, TCs will rise by $0.05/mt for every $1/mt increase in the prices of LME zinc, but if the zinc prices fall, TCs will remain unchanged (the same as the 20%/80% price sharing scheme in China).

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SMM Insight

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May 9, 2018 15:57

SMM Comments

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Zijin Mining Net Profit Shoots up in First Half on Well-behaved Metals

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